Italy’s Minister of Economy and Finance, Giancarlo Giorgetti, has warned that US dollar-backed stablecoins pose a significant threat to the euro’s role in international payments. Speaking at an event in Milan, Giorgetti argued that US stablecoin policies are more dangerous for Europe than trade tariffs, as these digital assets could ...
Brazil’s Central Bank (BCB) has introduced a proposal that could dramatically alter how stablecoins are used in the country’s thriving crypto market. Announced on November 29, the draft regulation aims to ban the transfer of foreign-backed stablecoins, like USD-pegged tokens, from crypto exchanges to self-custody wallets. This move is part ...
The British government is reportedly planning to introduce new crypto regulations by December 2024 to retain crypto companies drawn to the pro-crypto policies emerging in the U.S. under President-elect Donald Trump. According to Bloomberg, the U.K. Treasury is preparing two key legislative measures aimed at crypto assets. One will focus ...
Abu Dhabi's financial regulator has opened a public consultation on a proposed regulatory framework to guide the supervision of fiat-referenced tokens (FRTs), a category of stablecoins. The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) announced the new framework in response to stakeholder requests. It noted ...
The Uniswap Foundation, the non-profit responsible for managing Uniswap DEX, has released its financial report for Q2 2024. As of August 7, the Foundation reported that it has $36.81 million in cash and stablecoins in its reserves, with an additional $680,000 in UNI tokens. According to the report, these cash ...
The Swiss Financial Market Supervisory Authority (FINMA) has issued new guidelines to address risks associated with stablecoins for both issuers and banks offering guarantees. These guidelines emphasize the importance of stablecoin issuers verifying the identities of token holders and beneficial owners to mitigate potential risks. FINMA clarified that banks accepting ...
The Bank of Russia is exploring the possibility of legalizing stablecoins for cross-border transactions, a move that could provide alternative trading avenues amid ongoing economic sanctions. Alexei Guznov, deputy governor of the central bank, revealed this development in an interview with the state newspaper Izvestia. Guznov explained that discussions and ...
A recent report from blockchain research firm Chainalysis has suggested that the United States government's regulatory influence over the stablecoin market is waning. The study, published on October 23, revealed that a substantial portion of stablecoin activity now occurs through entities that are not licensed in the United States. Chainalysis ...
The Monetary Authority of Singapore has released the final draft of its regulatory framework for stablecoins. The updated framework, published on August 15, 2023, targets stablecoins pegged to the Singapore dollar or any major G10 currencies such as the Euro, British Pound, and United States Dollar. Central to the framework ...
Representative Patrick McHenry, the chairman of the U.S. House Financial Services Committee, has released the third version of the stablecoin legislation titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem." This latest version of the bill, which incorporates specific suggestions from bipartisan committee members, was published ...
